Belite Bio’s (BLTE) “Overweight” Rating Reaffirmed at Cantor Fitzgerald

Belite Bio (NASDAQ:BLTE)‘s stock had its “overweight” rating restated by investment analysts at Cantor Fitzgerald in a research note issued on Tuesday,Benzinga reports.

Several other brokerages have also issued reports on BLTE. HC Wainwright reaffirmed a “buy” rating and set a $100.00 price objective on shares of Belite Bio in a report on Tuesday. Benchmark raised their price objective on Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st.

Belite Bio Price Performance

NASDAQ:BLTE opened at $67.81 on Tuesday. The firm has a market capitalization of $2.16 billion, a PE ratio of -61.09 and a beta of -1.54. The business’s fifty day moving average price is $58.58 and its 200 day moving average price is $60.47. Belite Bio has a 12 month low of $31.01 and a 12 month high of $86.53.

Belite Bio (NASDAQ:BLTE) last posted its earnings results on Monday, March 17th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). As a group, equities analysts anticipate that Belite Bio will post -1.17 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in BLTE. JPMorgan Chase & Co. grew its holdings in shares of Belite Bio by 130.3% during the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock worth $924,000 after buying an additional 8,280 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Belite Bio during the third quarter worth about $253,000. Bank of America Corp DE grew its holdings in shares of Belite Bio by 36.4% during the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock worth $1,157,000 after buying an additional 4,891 shares during the last quarter. State Street Corp grew its holdings in shares of Belite Bio by 28.2% during the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after buying an additional 4,415 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in shares of Belite Bio during the fourth quarter worth about $155,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

About Belite Bio

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting retinal degenerative eye diseases with unmet medical needs in the United States. The company’s lead product candidate is LBS-008 (Tinlarebant), an orally administered once-a-day tablet for maintaining the health and integrity of retinal tissues in autosomal recessive Stargardt disease and geographic atrophy patients.